Shares of bitcoin miner ArgoBlockchain extended their declines as more analysts turned bearish on the stock. mikeybellusci and egreechee report.
, said it might soon become cash flow negative. That means it may be spending more than it receives on a regular basis.
Investment bank Canaccord Genuity cut its rating to hold from buy, and lowered its target for the American Depositary Shares to $1 from $10. Jefferies also downgraded the company to hold from buy, and lowered the price target to $1.10 from $13. Each ADS represents 10 ordinary shares. "If indeed it can secure the financing to negotiate a power purchase agreement, we believe Argo's flagship Helios facility could be better monetized," Canaccord analyst Joseph Vafi told clients in a research note."But given current macro uncertainty and until Argo can get to the other side of where it is now, we are downgrading shares to hold," Vafi wrote.
Meanwhile, Jefferies analyst Jonathan Petersen said that"locking in a PPA is the most important next step for ARBK and would likely act as a positive catalyst for the stock." In addition, Argo being able to lower its debt load would add"significant flexibility in these volatile times," Petersen said in a note to clients.
Argo shares on the London Stock Exchange started plunging in early October, when the firm announced a set of
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